Celsus planning $46M follow-on

Inflammation and dermatology play Celsus Therapeutics plc (NASDAQ:CLTX) intends to raise up to $46 million in a follow-on underwritten by Cowen; Piper Jaffray; and MTS. The offering will comprise American Depositary Shares, worth 10 common shares each. The company raised $9.2 million in an ADS offering in January.

Celsus intends to submit an IND for MRX-6 cream 2%, a topical multifunctional anti-inflammatory compound that inhibits phospholipase A2 (PLA2), to treat atopic dermatitis. ...